Cost- Plus is £39.99 per year. You might find it cheaper if you shop around for a card.

Online Play- Plus is required to play online on PS4.- Online play on PS3 and Vita will remain free.- Free-to-Play (F2P) games and subscription-based games (like MMOs) won't require Plus on PS4.

Discounts- Anything you bought at a discount on Plus is yours to keep, regardless of whether you keep your subscription going or not.

Instant Game Collection- You get 10 free PS3 games and 4 free Vita games to start. - You "purchase" these as normal for no cost from the PS Store. This adds them to your account FOREVER. However, you can only play them if you have an active PS+ subscription.- The free games rotate every so often. Usually, two PS3 games will be removed from the 10 available to purchase each month and replaced by two more.- Games being removed from the Instant Game Collection offering DOES NOT remove them from your account.- You can add the Vita titles to your account from PS3 if you don't yet own a Vita.

Renewal- Account Management -> Transaction Management -> Services List on XMB to manage your auto-renewal settings.- If you don't renew your subscription, you won't be able to start up any game you got for free until you renew again.- Not renewing your subscription does NOT remove free games from your account.

Misc- Plus also lets you set your PS3 to automatically download patches, firmware updates, and automatically sync your trophies.- You can activate your plus account on up to 2 PS3s and up to 2 handhelds (PSP or Vita) at once.- A single Plus subscription covers all platforms (PS3, PS4 and Vita)- Plus subscriptions stack, so if you're worried it may get more expensive in future, you can stock up on years now.- http://blog.eu.playstation.com/tag/playstation-plus/ for latest PS+ content announcements.